The Temasek and SoftBank-backed company’s operating margins also grew significantly, with Lenskart clocking an Ebitda of Rs 856 crore in FY24, against Rs 403 crore in the previous fiscal. In an interview with ET in October, Lenskart’s founder and chief executive officer Peyush Bansal had said the company is making a $200-million investment in its new manufacturing facility in southern India.
Titan Company experienced a 15% profit decline in Q2. The company attributes this to losses from a customs duty drop on gold. Despite this, Titan saw strong sales growth in its jewellery and watches segments. The company remains optimistic about the future, particularly the upcoming festive season. Titan is also closely watching the lab-grown diamond market and formulating its strategy.
Indian travelers are increasingly splurging on luxury goods while abroad, with spending in this category skyrocketing by 250% in recent years. Travel companies and luxury brands are responding by incorporating premium shopping experiences into their itineraries and offering exclusive perks to attract Indian shoppers.
Indians purchased 220 tonnes of silver during this year's Dhanteras-Diwali. This is the highest amount in two decades. The surge in silver sales is attributed to its rising prices and its appeal as a safe-haven asset. Gold sales, however, declined by 15% this year. Experts predict silver prices will continue to rise.
Hugo Boss reported third-quarter operating profit slightly above expectations, but acknowledged it won't achieve its 2025 revenue and profit growth targets due to weak demand. Despite cost-cutting measures, the luxury fashion brand faces challenges from cautious consumer spending and a difficult market, particularly in China.
Titan Company's consolidated profit after tax declined by 23.1 per cent in the second quarter of this fiscal. However, the company's consolidated income increased by 26 per cent during the same period. Its international jewellery business experienced a significant income growth of 62 per cent. Caratlane, a subsidiary of Titan, also reported a 28 per cent increase in total income.
India's home textile industry is set to witness 6-8 per cent growth this fiscal, riding on resilient demand from the US and expansion in the domestic market, according to a report on Tuesday.
Burberry's new CEO, Joshua Schulman, faces a challenge in reviving the luxury brand amidst declining sales and a falling share price. Analysts suggest reducing the brand's reliance on outlet stores, which account for a significant portion of sales but could be harming its luxury image. Schulman is expected to unveil his strategy in November.
Aditya Birla Group's Novel Jewels is investing ₹5,000 crore to open 100 jewelry stores across India in the next 18 months. The company, which launched its Indriya brand in July, plans to utilize both owned stores and a franchise model to capitalize on the growing shift to branded jewelry.
Manik Chand Jewellers is expanding its presence in East India with two new showrooms in Jorhat and Kolkata by 2025. The brand sees strong potential in gold as a stable investment and aims to capitalize on its growing demand in the region.
India's diamond industry, centered in Surat, is facing a month-long shutdown due to weak demand from the US and China. The prolonged closure, unprecedented even during past recessions, has sparked job cut fears among workers. Industry leaders hope for a US economic revival and are launching campaigns to regain Chinese customers who have shifted towards gold.
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